So 2017 is finally here and a lot of people are slowly lamenting the cost of everything they spent on 2016. The worst part of the new year is to realize that you spent all the money that was supposed to last until the next pay cheque.
The shopping this season was unbelievable as trying to navigate through the malls during the holidays was a nightmare. Shoppers who were on foot had a better time as anyone looking for a parking space felt as if they were hunting for gold.
The upsurge of beggars made it hard to go two feet without someone asking you to ‘let off’ something with them. Then of course there are the bills. A lot of credit card companies are eagerly awaiting the time when they can send out bills for their customers.
One day while at a supermarket, the woman in front of me spent a whopping $30,000 on food items! She swiped her card to pay and while she might easily repay it not everyone will be so lucky. Utility bills in January will be increased if you used more electricity or water during the previous month. If you had entertained guests they too might have inadvertently increased your bills.
Preparing for the new year
Many people make goals for the new year but how many stick to them? Well understanding your values and attitudes about money will bring clarity to the decision-making process. It will help you identify your values and make financial goals based on those values.
So decide what is really important to you? Is it to go to the best parties, pay off loans or buy a home? If it is the latter then it will be easier to work towards achieving your goals!
You will be more likely to keep them knowing you are accountable to someone. If you are trying to reduce debt, make sure you check your balances often. Set aside a couple of hours each week to address your money situation.
Many of us wait until we feel the time is right to begin new behaviors. If we wait until after that big purchase to start saving money, the ideal time never will present itself. Start today.
Short -Term and Long -Term Goals
Give yourself a short-term goal such as paying more than the minimum on one credit card this month.
A long-term goal could be setting up and adding to the emergency savings account you know you should have but didn’t get around to starting last year.
So what’s the cost of your new year? How are you preparing to meet your financial goals?
Let me hear from you!